Wiktionary
up or out
n. The practice of forcing employees not promoted in a timely fashion to terminate employment.
Wikipedia
Up or out
In a hierarchical organization, "up or out", also known as a tenure or partnership system, is the requirement that each member of the organization must achieve a certain rank within a certain period of time. If they fail to do so, they must leave the organization.
Usage examples of "up or out".
When she was finished much of it stood straight up or out, in spikes.
You could look down and down and there was no bottom, and you could look up or out and there was no stopping, and one moment you would swear that a certain star could be reached for and plucked, and the next moment it was so far away that your brain spun with the very thought of distance.